Home Insurance What are the Different Types of Health Insurance Policies?

What are the Different Types of Health Insurance Policies?


The healthcare industry has grown significantly in the last decade. The constant technological progress in the industry has led to the advancement of medical treatments for multiple illness and ailments. However, the cost of treatment has also increased parallelly. Therefore, a health insurance policy has become a necessity to cope with the increasing healthcare cost.

What are the Different Types of Health Insurance Policies

A health insurance policy or a medical insurance cover can provide you with the required financial assistance in times of illness. However, one should be careful and diligent in choosing the right insurance plan and must analyse the coverage offered as well as the exclusions of the policy. Here are a few of the different types of healthcare insurance policies available in the market today:

Individual health insurance plan: Individual health insurance plan covers the medical expenses of an individual. This insurance covers medical surgeries and hospital expenses of the insured. It aids the individual with benefits like cashless treatment or reimbursement post-treatment and covers pre- and post-hospitalization expenses amongst others.

The medical costs of the insured are covered to the maximum assured sum subject to certain conditions of the policy. The premium for individual health insurance depends on the age of the insured and his/her medical history.

Organisation group health insurance policy: The organisation group health insurance policy is an insurance policy taken by a company for their employees. The employees covered under this insurance can avail treatment from a network of hospitals and doctors tied up with the insurance provider.

Employees are supposed to pay a deductible premium for this insurance while the medical services provided are at a discounted rate. This insurance is desirable for those who want various options at a lower premium.

Family Floater Health Insurance Plan: This health insurance plan includes the entire family of the policyholder under a single health cover. The surgery or hospital expenses of any family member named in the policy can be claimed from the insurance provider. The premium amount of the insurance is based upon the age of the oldest member covered under the policy.

Point of Service group health insurance policy: The Point of Service group health insurance policy allows an employee to choose a primary care physician from a network of doctors. Any services rendered from the physician gets full policy coverage.

However, medical services apart from the selected physician or out of the network can cost deductible premiums and less coverage. Any employee looking for who needs primary healthcare at lower premium rates can opt for this policy.

Critical Illness Health Cover: A Critical Illness Health Cover helps to cover the medical costs of life-threatening diseases like cancer, tumour, paralysis, kidney failure, heart attack, and others. Unlike other policies, this policy doesn’t necessarily require a person to be hospitalized; the diagnosis of the disease is enough to claim the plan. The significant benefit of the plan is that it pays a lump sum amount to the insured.

Super Top-Up Policy: This health insurance plan is an add-on policy for a regular health insurance policy. It helps to provide broader coverage to the insured at a lower premium. This supplemental policy is used when the assured sum of the regular policy is exhausted.

For example, you have an individual health insurance policy of Rs.2 lakh and a top-up policy of 3 lakh. In case you make a claim for Rs.2 lakh (maximum sum assured by the insurer), you may not be able to make another claim exceeding the same amount. To be able to keep your health insurance running, you may use the top-up cover for continued protection.

A health insurance policy can be a great tool in getting financial assistance in times of medical emergencies. However, there could be certain aspects that a health insurance plan may not cover. For instances above and beyond the purview of health insurance, you may opt for insurance covers offered under the Pocket Insurance category by Bajaj Finserv. Some products offered under the category are Dengue Cover, Tuberculosis Cover, Water Borne Disease Cover, Hospital Cash Cover, Infection Cover, Child Personal Accident Cover amongst others. These covers are designed for the specific needs of the customers and are highly affordable.

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Patricia is a freelance content creator & pro blogger. Till now she has served 3000+ clients from all over the world. As per her experience and dedication, she is famous for her writing style, that's why many blogging platforms featured her in the list of top 100 bloggers or Influencers.


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